IFRS and US GAAP authorised CMUCPP in terms of the Daily CPI automatically maintains the constant purchasing power of capital and all constant real value non-monetary items (shareholders´ equity,
provisions, salaries, wages, pensions, taxes, trade debtors/creditors, etc) only when updated daily in terms of the Daily CPI during low, high and hyperinflation and deflation - ceteris paribus. European Accounting Association: "Capital maintenance is a competing objective of financial
reporting."

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Friday, 1 October 2010

IASB proposes Severe Hyperinflation amendment to IFRS 1

The International Accounting Standards Board (IASB) today published for public comment an exposure draft Severe Hyperinflation, a proposed amendment to IFRS 1 First-time Adoption of International Financial Reporting Standards.

The amendment proposes guidance on how an entity should resume presenting financial statements in accordance with International Financial Reporting Standards (IFRSs) after a period when the entity was unable to comply with IFRSs because its functional currency was subject to severe hyperinflation.

The exposure draft, Severe Hyperinflation, is open for comment until 30 November 2010 and can be accessed via the ‘Comment on a Proposal’section of www.ifrs.org.

Press enquiries

•Mark Byatt, Director of Communications, IFRS Foundation

Telephone: +44 (0)20 7246 6472

Email: mbyatt@ifrs.org

Technical enquiries

•David Humphreys, Practice Fellow, IASB

Telephone: +44 (0)20 7246 6916

Email: dhumphreys@ifrs.org

Related information

¦Click here for a print-friendly version of this press release [PDF 31 KB]

Daily CPI

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